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Markets’ Eyes Are on Apple’s Earnings Report

D. Atika by D. Atika
2 years ago
in Stock Market

As the stock prices of U.S. big tech companies weakened after the earnings announcement, the market is paying attention to Apple’s earnings report, which is the No. 1 U.S. market capitalization, on the 2nd of next month (local time).

As most expect to freeze the benchmark interest rate at the Federal Open Market Committee (FOMC) meeting of the U.S. central bank, it is observed that the asset market could fluctuate depending on Apple’s earnings report and its plan to issue U.S. government bonds this week.

According to Bloomberg News, concerns are raised in the market over Apple’s performance, which accounts for 7.2% of the S&P 500 index, which consists of 500 large U.S. stocks.

Smartphone sales have recently slowed, and Apple sales are expected to decline for four consecutive quarters, continuing the longest record in more than 20 years.

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In addition, uncertainty has increased as Foxconn, a major partner, has been investigated by Chinese authorities for tax and land.

Apple shares plunged 4.8% in the aftermath of its sluggish third-quarter outlook when it reported second-quarter earnings on August 4. At the time, Apple Chief Financial Officer Luca Maestri predicted that third-quarter revenue would also fall to a similar level to second-quarter revenue decline (1.4%).

As a result, Apple’s market capitalization, which once exceeded $3 trillion for the first time in the world based on its closing price, has fallen to $2.63 trillion.

The problem is that stock prices are flowing down after big tech’s earnings announcement this year as the market’s preference for risky assets has weakened due to the recent rise in interest rates on U.S. government bonds and the war between Israel and Hamas.

Three of the five U.S. big tech shares closed lower on the trading day following the earnings announcement.

Electric car maker Tesla’s stock price plunged 9.3% to $220.11 per day on the 19th after posting third-quarter sales that fell short of the market outlook, and has since fallen to $207.30.

Alphabet (Google’s parent company) saw its stock price fall 9.51% to $125.61 per day on the 25th due to disappointment in cloud sales, even though both quarterly net profit and revenue exceeded market expectations, and it has since slipped to $122.17.

Tags: AAPL stockappleapple earning reportsapple earningsearning reportsearningsearnings reportreportsharesstockstock market
D. Atika

D. Atika

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